Exchange rate determination sets conversion rates for import and export customs valuation, effective early June under customs law. The Central Board of Indirect Taxes and Customs, under section 14 of the Customs Act, 1962, prescribed specific exchange rates for conversion between listed foreign currencies and Indian rupees for customs valuation, effective 2 June 2023, differentiating rates for imported and export goods via Schedule I (per unit rates) and Schedule II (per 100 units). The notification was later superseded by Notification No. 44/2023 effective 16 June 2023, and records interim substitutions effected by Notifications Nos. 40/2023, 41/2023 and 42/2023 for particular currency entries.